COIN

Puts are the richer wing (positive 25Δ RR); stretched vs its 180-day baseline.

Persistent, non-event bid — the current structural skew regime.

ρ doesn't confirm — positioning/skew dislocation, not a clean spot-vol signal.

Rich vs baseline: fade or finance the expensive wing via defined-risk structures.

no proven separation for this bucket yet — relative-value read only